income tax law

Proposed Corporate Tax rate cut in Budget 2015 and its Impact on AS-22

Income Tax - Brief- Accounting Standard 22 -Accounting for taxes on Income – provides for recognition and disclosure of deferred tax assets/liabilities. In view of the proposed reduction in corporate tax rates as announced in Budget 2015, is there a change in the method to be adopted by the corporates for the purpose of calculation of deferred t...

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Why Tax Practitioners Bill-Needed?

Income Tax - B.C. Guru Swamy From the view point of Dealer 1.To relieve from the burden of tax compliance (weekly/fortnightly/monthly/annual)returns filing, uploading, downloading etc., 2.To concentrate peacefully on his business activities 3.To avoid litigations with the Dept. 4.To reduce cost of tax compliance by having most competitive tax professi...

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Payment of Bonus Act, 1965 in brief

Income Tax - Applicability of Act (Sec 1) - Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. Establishment : Establishment includes departments, undertakings and branches, etc....

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Direct Tax code may take all benefit away from Factories, Business Processing Units and software development firms inside SEZ

Income Tax -   Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening ta...

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Budget clarified on taxability of Property gift received from non Relatives and Capital gain on sell of that property subsequently

Income Tax - The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of […]...

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Govt set up Committee to Simplify Provisions of Income Tax Act, 1961

Income Tax - The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations; ii) To study and identify the provisions which are impacting the ease of doing business; iii) To study and identify the areas and provisions of th...

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Director not liable for Company's taxes unless found guilty of misfeasance

Income Tax - Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdiction finds him guilty of misfeasance. Company law proceeds on the basic principle of jurisprudence that a director is presumed to be innocent unless he is proved to be otherwise. These salient principles of [&h...

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Effectively utilize losses to reduce the tax burden

Income Tax - Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]...

Read More

HC allows I-T dept to reassess Mayawati's income

Income Tax - Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea [&he...

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Odds of Interpretation- Human intervention required for taxing a payment as ‘fees for technical services’

Telecom industry in India is suffering from the tussle between the odds of two interpretations. In recent time’s payments for various types of technology-related transactions has been a subject matter of disagreement between taxpayer and income tax d...

Read More
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Recent Posts in "income tax law"

Govt set up Committee to Simplify Provisions of Income Tax Act, 1961

The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations; ii) To study and identify the provisions which are impacting the ease of doing business; iii) To study and identify the areas and provisions of th...

Read More
Posted Under: Income Tax |

Proposed Corporate Tax rate cut in Budget 2015 and its Impact on AS-22

Brief- Accounting Standard 22 -Accounting for taxes on Income – provides for recognition and disclosure of deferred tax assets/liabilities. In view of the proposed reduction in corporate tax rates as announced in Budget 2015, is there a change in the method to be adopted by the corporates for the purpose of calculation of deferred t...

Read More
Posted Under: Income Tax |

Why Tax Practitioners Bill-Needed?

B.C. Guru Swamy From the view point of Dealer 1.To relieve from the burden of tax compliance (weekly/fortnightly/monthly/annual)returns filing, uploading, downloading etc., 2.To concentrate peacefully on his business activities 3.To avoid litigations with the Dept. 4.To reduce cost of tax compliance by having most competitive tax professi...

Read More
Posted Under: Income Tax |

Payment of Bonus Act, 1965 in brief

Applicability of Act (Sec 1) - Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. Establishment : Establishment includes departments, undertakings and branches, etc....

Read More
Posted Under: Income Tax |

Odds of Interpretation- Human intervention required for taxing a payment as ‘fees for technical services’

Telecom industry in India is suffering from the tussle between the odds of two interpretations. In recent time’s payments for various types of technology-related transactions has been a subject matter of disagreement between taxpayer and income tax d...

Read More
Posted Under: Income Tax |

Direct Tax code may take all benefit away from Factories, Business Processing Units and software development firms inside SEZ

  Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening ta...

Read More
Posted Under: Income Tax |

Budget clarified on taxability of Property gift received from non Relatives and Capital gain on sell of that property subsequently

The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of […]...

Read More
Posted Under: Income Tax |

Director not liable for Company's taxes unless found guilty of misfeasance

Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdiction finds him guilty of misfeasance. Company law proceeds on the basic principle of jurisprudence that a director is presumed to be innocent unless he is proved to be otherwise. These salient principles of [&h...

Read More
Posted Under: Income Tax |

Effectively utilize losses to reduce the tax burden

Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]...

Read More
Posted Under: Income Tax |

HC allows I-T dept to reassess Mayawati's income

Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea [&he...

Read More
Posted Under: Income Tax |
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